https://www.taxtmi.com/caselaws?id=777478 ITAT MUMBAI - AT upheld deletion of a Rs.30 crore addition u/s 68. The tribunal found the supposed bank loan and reacquisition were only paper entries reflecting a contingent liability; the assessee neither reacquired the flats nor received advance from the bank, and the AO produced no evidence that the bank actually advanced funds. Given the entry was reversed and disclosed as contingent, the tribunal concluded the assessee met the onus and dismissed the revenue's grounds of appeal. en-us Thu, 09 Jan 2025 00:00:00 +0530 Thu, 28 Aug 2025 12:46:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777478 ITAT MUMBAI - AT upheld deletion of a Rs.30 crore addition u/s 68. The tribunal found the supposed bank loan and reacquisition were only paper entries reflecting a contingent liability; the assessee neither reacquired the flats nor received advance from the bank, and the AO produced no evidence that the bank actually advanced funds. Given the entry was reversed and disclosed as contingent, the tribunal concluded the assessee met the onus and dismissed the revenue's grounds of appeal. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777478